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Office of National statistics released data on UK's manufacturing and industrial production for the month of April.
Key highlights -
- Total production output increased by 1.2% in April 2015 compared with April 2014. Largest contribution came from mining & quarrying, which increased by 6.2%.
- Total production output is estimated to have increased by 0.4% on monthly basis. Mining & quarrying, contributed 5.6%.
- Manufacturing output increased by 0.2% in April 2015 compared with April 2014. The largest contribution to the increase came from the manufacture of transport equipment.
- Manufacturing output dropped by 0.4% in April, on monthly basis. The largest contribution to the decrease in manufacturing came from basic pharmaceutical products & pharmaceutical preparations.
Pound which has given a strong showing since yesterday, was hurt over the release somewhat. Despite slowdown in manufacturing, overall growth in total production has softened the negative impact somewhat.
Pound is currently trading at 1.543 against dollar. Key resistance lies at 1.548-1.552 and support at 1.526-1.523.
